· "We were introduced to Tim Reiter through a local broker, George X.
· We were advised that Tim had access to foreign funds for property development and investment. Given our past experience with overseas loan offers we were wary, but had more confidence this time as we were dealing with an Australian company and all fee payments etc would go through that entity, so we felt we had some recourse if things did not turn out as expected. We had also dealt with Tim on another loan application several years ago, so we knew he had been operating in the Australian property finance sector for quite some time.
· We completed the application form and George submitted them for us. We were advised our application was approved and we needed to fly to Melbourne to meet Tim so that the loan could be advanced. We did so on 2nd December. The funds were provided by a collection of high net worth people, and come via of Spain because there were less regulations on international lending from there. Tim advised that’s several loan applications were well advanced and would settle within the next two weeks.
· We were provided with a one page pre-contractual loan approval form (attached) and advised that to advance the loan, a $50,000 fee was required. We would then receive the full loan document, and then proceed to a property valuation which we would need to fund.
· We signed the approval form and paid the $50,000 which was invoiced by Mortgage Capital Partners Pty Ltd. We were then advised us that the fund, Private International Finance, was managed by Paul Robinson, an English lawyer. We couldn’t find either on the internet.
· The loan documentation that arrived a week later was insubstantial (copy attached) particularly considering the quantum of the loan, there was a short time frame to accept it. The loan document didn’t even identify the lender and there was nowhere for the lender to sign.
· The valuation fee was quoted at just under $80,000, well above what we would expect to pay for a valuation . We asked to see the valuers fee proposal but this was denied.
· We exchanged several emails in the week following (all attached) seeking clarification and further information to fill in the gaps in the loan document. They were answered either by Tim Reiter or the lender, Paul Robinson. They responses basically added up to “sign the loan offer and pay the valuation fee or lose your $50,000”.
· We requested a refund on our fee from Mortgage Capital Partners as they had invoiced us, but they had not carried through on their promises.
· No refund has been forthcoming.
Any advice or assistance you can provide would be greatly appreciated.
Kind regards .... (Name withheld)"
The above email speaks for itself. There
is no evidence of any real lender. No proper company name or company
registration to enable the client to undertake any due diligence on the
alleged lender. And at the foot of the alleged loan document are the contact details for this Paul Robinson character - the funder. How come it's a gmail address (untraceable) instead of a legitimate company email address ????